Over 2 Million U.S. Retailers Will Begin Accepting Venmo Payments Starting This Week

PayPal has announced that over two million U.S. retailers will accept Venmo payments starting this week.

Just in time for the holiday season, Venmo customers can shop at millions of merchants that accept PayPal - such as Lululemon, Forever 21, and Foot Locker - using their Venmo balance or linked credit card, debit card, or bank account. At launch, Venmo customers will receive a notification in their Venmo app inviting them shop. Eligible purchases made with Venmo qualify for purchase protection, which may provide a full refund if customers don't receive an item or it's significantly different than the description.

"Offering a way to pay at millions of retailers is a major step in the evolution of Venmo," said Bill Ready, Chief Operating Officer of PayPal. "Our vision for Venmo is to not only be the go-to app for payments between friends, but also a ubiquitous digital wallet that helps consumers spend wherever and however they want to pay, regardless of device. Through 2017 and beyond, we will continue to evolve the payments experience that has helped make Venmo a cultural staple, while also applying that same magic to split, share and pay in new ways."

Venmo customers will soon be able to instantly transfer money from Venmo to their bank accounts via eligible debit cards, providing access to funds faster than ever before for just $0.25 per transfer. Funds will typically be available in a customer's bank account in a matter of seconds, although some banks may take up to 30 minutes. The new option will be available to all Venmo users over the coming months. Funds in a customer's balance are immediately available to use when shopping with Venmo, and as always, there is no charge to transfer funds directly to a customer's bank account through the original bank transfer functionality.